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FinancialNews
13-05-19
Egyptian credit rating keeps stable outlook
(MENAFN) Egypt's solid economic development outlook pushed S&P Global Ratings to keep "B" as the credit rating of the country to mark stability.
This comes after Egypt started implemented fiscal reforms aimed at reinforcing economic growth with the help of the International Monetary Fund (IMF).
Sovereign rating five levels below investment grade, S&P Global Ratings affirmed, highlighting a forecast for Egypt to witness a slow shrink in fiscal deficit.
The credit rating agency stated "the stable outlook balances S&P Global Ratings' expectation that Egypt's current account deficits will remain as a smaller percentage of GDP and that growth prospects will remain strong, against risks of fiscal slippages and an increase in the already-large stock of relatively short-dated government debt issued at high interest rates."
MENAFN1305201900450000ID1098513749
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